A local real estate developer plans to invest P4 billion on 2,400 residential units in the next five years that aims to tap the middle-end market in Cebu.
In an interview last week, Cebu Landmasters Inc. president Jose R. Soberano said he is confident of the prospects for the middle-end market in Cebu, which economists projected would continue to expand in the next ten years.
Soberano said they would aggressively pursue their investments within the next five years after the positive response they got from the two condominium projects they launched earlier—Baseline Residences in the Baseline Complex in partnership with the Canizares family and the Asia Premier in Asiatown IT Park in Lahug, Cebu City.
“We had phenomenal sales for both those projects and we are very much encouraged. That is why we will put in more investments for about 2,000 condominium units that will be located in strategic locations in Cebu City and Mandaue City,” Soberano said.
Soberano said their newest project, Baseline Residences, was 90 percent sold in just four months after their launching early this year.
Soberano said three projects will be launched this year—two condominiums and a subdivision in Minglanilla, Cebu.
“The condominium project in A.S. Fortuna is a two 12-story residential condominium project called Midori Residences and another one in Salinas Drive in Lahug that will have six towers and about 1,400 units. For the horizontal project, we will be developing a 7.6-hectare house-and-lot project that will offer 400 residential units in Minglanilla called Midori Plains,” said Soberano.
Soberano said the projects will be launched before the year ends until middle of 2012.
Aside from those, more house-and-lot projects in the northern towns of Consolation and Bogo are being worked on.
“We are also looking at another condominium project in Talisay, which we hope to offer at prices affordable to middle-end customers.”
Soberano said the Bogo project will have 200 house-and-lot units while the condominium project in Talisay City will have three middle-rise condominium buildings with 70 units each.
The market in Cebu remains big and exciting, Soberano said.
“One of the keys to our growth is our relationship with the locals including local businessmen and the market themselves. Most of our projects that we will be launching are in partnership with local businessmen who trusts that we can develop a product that the market would like. That’s how we compete,” Soberano said.
Soberano said demand for condominium units in Cebu will continue to increase.
“While people will always want to have their own house-and-lot properties, demand for condominium units will still continue to rise because most people see it as an investment considering its strategic locations to key areas in the city. We don’t expect any glut in condominium units soon,” Soberano said.
Cebu Landmasters Inc. started in 2003 and has already developed several pocket-sized subdivisions mostly in the countryside municipalities and cities in Cebu, including San Jose Maria Village in Balamban, Toledo, Talisay and Minglanilla.